Early retirement is a topic of great interest to many workers, especially with recent changes in labor laws. This article provides detailed information on early retirement conditions before and after July 1st according to the latest regulations.
Early Retirement Conditions Before July 1st
According to Article 169 and Paragraph 1 of Article 219 of the Labor Code, along with Decree No. 135/2020/ND-CP, the normal retirement age for workers is as follows:
- Male workers: 60 years and 3 months (effective from January 1, 2021), increasing by 3 months each year until reaching 62 years old by 2028.
- Female workers: 55 years and 4 months (effective from January 1, 2021), increasing by 4 months each year until reaching 60 years old by 2035.
However, workers can retire early if they meet the following conditions:
- Have at least 20 years of compulsory social insurance contributions.
- Retire at an age lower than the general retirement age.
Conditions for early retirement before July 1st (Graphic: Tùng Nguyên).
Early Retirement Conditions From July 1st
With the enactment of the Social Insurance Law in 2024, effective from July 1st, there have been significant changes to early retirement conditions. According to Articles 64 and 65 of this law, the general conditions for receiving pension benefits include:
- At least 15 years of compulsory social insurance contributions.
- Reaching the specified retirement age.
Additionally, workers may retire up to 5-10 years earlier than the standard retirement age if they meet additional conditions, including:
- Working in hazardous or dangerous environments.
- Being severely disabled or suffering from serious illnesses.
Conditions for early retirement from July 1st (Photo: BHXH TPHCM; Graphic: Tùng Nguyên).
Conclusion
There are notable differences in early retirement conditions before and after July 1st, particularly regarding social insurance contribution periods and additional conditions. Workers should be aware of these regulations to plan their retirement accordingly.
If you are interested in this policy, please contact your local social insurance office for detailed and accurate advice.
